On December 14, the Fort Monmouth Economic Revitalization Authority (FMERA) Board approved the Authority’s 2017 Consolidated Budget to support FMERA’s ongoing mission. This budget aims to expand FMERA’s availability of funding while continuing to control costs and direct spending to advance the Authority on its path toward financial self-sufficiency.
“With the acquisition of both the Phase 1 and Phase 2 Economic Development Conveyance (EDC) properties behind us, FMERA anticipates selling numerous parcels in 2017,” FMERA Executive Director Bruce Steadman said. “The Consolidated Budget approved at this month’s board meeting reflects that heightened level of economic redevelopment activity.”
Highlights from the 2017 budget include:
- Projected net proceeds of $8.7 million from the sale of 17 parcels;
- Projected excess of revenue over expenses of $1.7 million.
The 2017 Consolidated Budget includes both the EDC Budget and the non-EDC budget. The FMERA Board also authorized Steadman to take all necessary actions to submit its last federal grant request to the Office of Economic Adjustment (OEA) for federal funds of approximately $1.1 million to support FMERA’s operations. The OEA grant program expires June 2017.
Note: FMERA Board action is subject to a ten (10) day veto period by the Governor.